Claimants take part in, or work with their lawyers, during negotiations, in hopes of reaching an out-of-court decision. How should any one claimant approach that specific task, with the aim of getting the best possible settlement?
An effort focused on negotiating with the opposing party should start with the sending of a demand letter.
The claimant should discover with the claim is worth, and then base the amount requested in the demand letter on that discovery of the claim’s worth. Yet there is a second figure behind the one mentioned in the demand letter. That second figure represents the lowest acceptable amount in proposed offer. The claimant’s tactics should reflect an awareness of that unmentioned figure. Indeed, the claimant might choose to change that lowest acceptable amount.
The adjuster might introduce new facts, after receiving the demand letter. That introduction of new facts could result in a lowering of the claimant’s lowest acceptable. Alternately, the adjuster might make a very low counteroffer. In that case, the claimant’s minimum figure ought to be increased.
Some claimants receive a reverse reservation letter
That showcases the company’s willingness to open an investigation into the reported claim. At the same time, it refutes any connection between the launching of such an investigation and a readiness to promise some form of compensation. Insurance companies must check to see if a reported accident is covered under the policy that was taken out by the claimant/victim. If claimants have become injured in an accident that was not covered, then each such victim has lost the ability to seek compensation.
Claimants’ ideal strategy
Stay clear of any temptation to accept the adjuster’s first offer. It may be a way to test a claimant’s understanding of the negotiating process. Know how to deal with a low-ball offer. Request an explanation for the fact that the offer was exceedingly low. When receiving an oral explanation, make a point of taking notes. Use those same notes to prepare an answer to the decidedly low offer.
Ideally, no adjuster would put added stress on a claimant’s mind by delaying a response to that written answer. Still, any such delay could be cut short by the resumption of oral adjuster-claimant communications. Indeed, that would allow the resumption of negotiations. Personal Injury Lawyer in Mississauga knows that the claimants’ ideal strategy should also include an emphasis on the emotional aspects of their argument. To what extent has the reported injury caused the victim/claimant to endure pain and suffering?
Finally, when both sides have agreed on a settlement figure, the adjuster should issue a written explanation of the settlement’s details. In addition, the adjuster’s statement ought to include mention of the date when the claimant’s promised compensation should get placed in the mail.
